A format for modified IRIB-G time code, with added message fields while preserving pulse width coding rule of the standard IRIG-B time code, having a time interval field for carrying time interval between the local time signal and a received time signal, and a user-defined or padded field for carrying user-defined time and/or control messages. An encoding and a decoding methods and devices for high-precision time transfer, where the modified IRIG-B time code carries more messages, and enabling transmission of timing messages and testing messages of two-way time comparison via a single message channel at the same time, which reduces fluctuation due to encoding and decoding manipulation and correlation with working frequencies via exact synchronization between the on-times of the output encoded time code and the transmitted time signal, and between the on-times of the output decoded time signal and the input time code, and improves precision of time transfer.